After the better part of a decade without a Vice Chair for Supervision, House Financial Services Subcommittee on Financial Institutions Chairman Blaine Luetkemeyer (MO-03) welcomed Randal Quarles for his semi-annual testimony today:

Vice Chairman Quarles, welcome.  As we all know, the Federal Reserve Board was without a Vice Chair for Supervision for almost a decade. With your appointment, that position has finally been filled and we are pleased to have you here today, Mr. Quarles. Welcome.

Since your initial confirmation in October, you’ve made many statements outlining your agenda and your intentions.  I wholeheartedly agree that it’s time to step back and do a comprehensive examination of the previous administration’s regulatory regime.

Looking forward, there is an immense amount of work to be done.  As we assess the Federal Reserve’s role, we must ensure a more practical approach to supervision, one that extends from the top all the way down to each and every field examiner.  We also need to ensure the Federal Reserve adequately and appropriately tailors its supervisory approach on an institution-by-institution basis, and puts more thought into the manner in which it regulates and examines.

I am confident you will make the critical changes needed to benefit our economy and improve the stability and productivity of our financial system.  We look forward to your testimony today.

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